COMMENT:

Theo Spierings doesn't deserve his $4.7 million bonus. But he's got it, so there's little that can be done.

However, no other Fonterra staffer, past or present, derserves a bonus either. Fonterra should cancel them all.

How can anyone deserve a bonus when Fonterra is a mess? It's bleeding value. This week, it wrote as much as $860m off the value of its assets. It's cancelled this year's dividend. It's already sold the crown jewel, Tip Top. And that's probably not the end of the pain.

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Even if a staffer could argue that they've performed well in their role

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